The Magic Number or Everything you wanted to know about your home’s VALUE, but were afraid to ask!
In your eyes, your home may be priceless! HOME is where you raised your children, held parties on the patio, cooked Thanksgiving dinner, and measured your children’s height on the inside of a closet door. If you want to know your home’s practical value, such memories and emotions must take the backseat.
Lubbock County Appraisal District’s website – lubbockcad.org (LCAD) is a great place to start exploring. The Tax District assigns a taxable value for your home. However, don’t rely just on the LCAD valuation. As a Lubbock REALTOR, I can do a Comparative Market Analysis (CMA) based partly on the previous 6 months home sales in your area, providing an estimate of your home’s actual value or potential sales price. A Licensed Appraiser will be the ultimate authority on the value of your home – an appraisal is typically ordered when a home is being sold.
Three basics that impact value are LOCATION, CONDITION, and SIZE. Yes, in this case, size does matter! Real Estate experts rely largely on the price per square foot of houses selling in your Lubbock neighborhood. LCAD data shows your approximate square footage, however, if you have added a room or enclosed a patio, your home may now be larger. NOTE: These extra square feet may or may not be valued the same as the rest of the house.
People often ask what improvements will add value to their homes. Numerous websites suggest home improvements that according to their experts, may have a high return on investment (ROI). As an example, one source says replacing your front door, windows, and garage doors may produce a high ROI of 80% and others believe the best ROI is possible with kitchen and master bath remodels.
There can be a significant difference between valuation and marketability. The CMA or appraisal assigns an unemotional dollar value for your home based on its condition, size, and location. Some amenities and improvements may just minimally improve your home’s valuation, but add great appeal for future buyers and enjoyment right now for you and your family.
I love helping homeowners explore these issues and would be glad to do a comparative market analysis for you if you. Call or email me today if I can provide more information or if you want to buy or sell a home or invest in Lubbock real estate.